2023-05-29 17:02:03
Banks are tightening procedures for obtaining dollars for clients traveling outside Egypt, following discovering that some have obtained foreign currency without leaving the country, and the continuing crisis of the foreign exchange gap between supply and demand in the banking system.
Some customers resort to buying foreign currency from banks before traveling so that they can pay some of their expenses outside Egypt, including taxi fares, or billing for some drinks and food.
The Central Bank had warned banks once morest procuring currency for purposes of traveling abroad without leaving the country, and asked them to review a sample of the uses of those cards that took place outside the country, as well as requests to procure currency for travel purposes since the first of December 2022.
Lower dollar measure limits
Banks reduced the maximum amount of dollars for traveling customers by 50% or more, with no flexibility in raising the measure limit, limiting some of them to one thousand dollars or less instead of two thousand dollars, in addition to the flexibility to raise the limits that were applied earlier.
Also, banks are satisfied with procuring dollars for travelers only once a year, 48 hours before leaving the country and following reviewing the travel papers to make sure that the customer needs dollars, so that he gets his share from the bank.
Banks require traveling customers before collecting dollars, a copy of the ticket, travel visa, and passport to resolve suspicions of any manipulation by customers to obtain currency and sell it on the black market.
Not providing dollars for account holders in foreign currencies
Banks refuse to procure dollars for traveling clients who have accounts in dollars, or any foreign currency in which there is a balance, except following zeroing it and withdrawing the balance from it, following which the bank begins to procure, according to instructions issued to branch employees in banks.
Bankers in some banks said that the banks’ refusal to provide dollars to account holders in foreign exchange is a procedure applied from an earlier time, but the methods of activating it differ from one bank to another and according to the customer and the balance in the account.
Some banks refuse to manage any foreign currency for account holders in foreign currencies that have any balance, and others allow the measure if the account balance is less than the maximum allowable for the measure.
Contact customer service to activate the card
Some banks have stopped operating customer cards (credit and direct debit) outside Egypt except following the customer calls the hotline of his bank to confirm his travel and the number of days until his return from travel, so that he can activate the card.
Some bank employees attributed the return of banks to procedures for not activating the use of bank cards outside Egypt except following the customer calls the hotline in order to protect his account or not be exposed to wrong use outside Egypt.
The Central Bank was monitoring misuse by some customers, and a steady increase in the uses of direct debit and credit cards outside Egypt, or the procurement of dollars from banks without leaving the country.
The Central Bank directed the heads of banks, in its circular, that the bank should review a sample of the uses of those cards that took place outside the country, as well as requests to procure currency for travel purposes since the first of December 2022.
Measure for non-customers
Banks refuse to provide currency to non-customers for the purpose of travel due to the limited supply of foreign exchange, which is not sufficient to cover customers’ requests, according to bank employees.
Banks, especially government ones, used to allow non-customers to obtain dollars within the limits of only $300 before the crisis of lack of foreign exchange resources.
1685405798
#discovering #manipulations #banks #tighten #procedures #obtaining #dollars #travelers
